RT.com
20 Jan 2022, 20:12 GMT+10
China's national currency has reached its highest level of popularity in cross-border payments since 2015
The yuan has now firmly placed itself among the world's top five most popular currencies for cross-border payments, securing the fourth spot for the first time in six years.
When the Society for Worldwide Interbank Financial Telecommunications (SWIFT) started tracking cross-border payment messages in 2010, the yuan ranked only 35th.
The Chinese currency's transaction activity recently surged to its second-highest level on record, Reuters reported citing SWIFT. The yuan accounted for roughly 2.7% of global payments in December 2021.
Against the US dollar, the yuan posted its second straight year of gains in 2021. It also became last year's best performing emerging market currency, rallying on surging exports, a growing trade surplus, and robust capital inflows into Chinese assets. Data shows global holdings of Chinese government bonds also hit a record high last month.
Meanwhile, the top spot on the list of the globe's most popular currencies is firmly held by the US dollar with 41% of global payments. The euro occupies second place, while the British pound resides in third, having kept this spot since 2011. The Japanese yen has dropped out of the top five.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Santa Barbara Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Santa Barbara Post.
More InformationThe Rockies started their season with two wins against the host San Diego Padres, but that was the last time ...
WASHINGTON - Uyghur Brothers Detained in India Since 2013 Face Deportation ThreatThree Uyghur brothers fled persecution in China's Xinjiang region, ...
washington - U.S. President Joe Biden is set to meet outgoing NATO Secretary-General Jens Stoltenberg at the White House on ...
washington - The United States and Kosovo are continuing to engage in an unusual public spat, after the staunch U.S. ...
FREDERICK, MARYLAND - In the heart of Maryland, the Frederick Keys baseball team introduced its newest player last week, one ...
Miami [US], June 10 (ANI): Basketball team Miami Heat's player Jimmy Butler is excited to see Lionel Messi play for ...
NEW YORK CITY, New York: In his second Twitter Spaces event for a 2024 White House candidate, Elon Musk hosted ...
WASHINGTON D.C.: Amtrak CEO Stephen Gardner said this week that despite projected losses of $800 million for the current budget ...
WASHINGTON D.C.: The Biden administration has announced that it is providing grants worth $570 million to eliminate many dangerous railroad ...
PARIS, France: According to a report by BFM TV, Britain's King Charles is considering a visit to France in September, ...
WASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...
PORTLAND, Oregon: A federal trial has begun in Portland, Oregon examining the constitutionality of a stringent gun control law approved ...